Elon Musk has sold a further $3.6bn worth of shares in Tesla

In the same week that he lost the title of world’s richest man to France’s Bernard Arnault.

The disposal, revealed in a regulatory filing, takes the total amount raised by Musk from sales of his stock in the electric carmaker this year to more than $20bn.

The Tesla CEO has been raising funds to pay for his $44bn acquisition of Twitter

Although the filing did not give a purpose for the sale of 22m shares between Monday and Wednesday this week

Forbes and Bloomberg, which monitor the wealth of billionaires

reported this week that Musk was no longer the world’s richest man,

having been overtaken by Arnault, the chief executive of luxury group LVMH.

According to Bloomberg, Musk is worth $161bn and Arnault, who presides over brands including Louis Vuitton and Dom Pérignon, is worth $172bn.

Musk’s wealth briefly slipped below Arnault’s last week before he reclaimed top spot, only to lose it again this week.

The bulk of Musk’s wealth is largely represented by stock in Tesla, in which he has a shareholding of more than 13%